Xpress Credit Personal Loans

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Xpress Credit Personal Loan
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Whether it’s your wedding or a vacation, unplanned emergency or planned purchase, get quick approval and instant disbursal with minimal documentation through SBI’s Xpress Credit Personal Loan for all your needs.

Features

  • Loan up to 20 lakhs.
  • Low interest rates.
  • Interest on daily reducing balance.
  • Low processing charges.
  • Minimal documentation
  • Zero hidden costs.
  • Provision for second Loan
  • No security, no guarantor.

Eligibility

  • Individuals with Salary Account with SBI.
  • Minimum monthly income Rs. 15000/.
  • EMI/NMI Ratio less than 50%.
  • Employees working with
  • Central/ state/ quasi government,
  • Central PSUS and profit making state PSUS,
  • Educational institutions of national repute,
  • Selected corporates with or without relationship with the bank.
  • Term Loans Amount
    • Minimum Loan Amount – Rs. 25,000
    • Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
  • Overdraft Loans Amount
    • Minimum Loan Amount – 5 lakhs
    • Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
    • Second Loan is eligible any time after disbursement of first loan, subject to the overall EMI/NMI ratio of 50%.
    • Second Loan is eligible only on regular EMI repayments of the first loan.

 


Terms and Conditions

  • Processing fee of 1% of the Loan Amount + applicable Tax.
  • Penal Interest @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.
  • Prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme.
  • Minimum repayment period is of 6 months and maximum repayment period is of 6 years or remaining period of service (whichever is lower).

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Interest Rate

8.15% p.a.

*T&C Apply.

   

 

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